Oando Plc, Zenith Bank, and First Holdco emerged as top gainers on the Nigerian Exchange (NGX) Wednesday, fueling a midday rally in the equities market as renewed investor interest lifted sentiment.
After enduring a wave of selloffs triggered by global stock market volatility, Oando rebounded sharply, hitting the daily maximum allowable gain of 10%. The energy stock’s recovery helped set the tone for a broader market upswing. Zenith Bank and First Holdco also recorded notable gains of 1.70% and 2.77% respectively, joining the league of mid- to large-cap stocks attracting strong buying interest.
As of midday, the NGX All-Share Index posted a modest 0.06% gain, signaling a positive turnaround in the local bourse. According to Alpha Morgan Capital, the market’s uptick reflects strategic positioning by investors targeting undervalued opportunities amid global uncertainties.
Other stocks contributing to the rally include UCAP (+3.45%), Wema Bank (+0.93%), and Jaiz Bank (+0.33%), indicating a broad-based recovery across key sectors.
Market analysts remain cautiously optimistic, noting that the rally could gain momentum if positive investor sentiment persists through the week.
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